the country's 87-year-old president has reluctantly been elected to a second term, but markets are xwrpting this for the positive. it means for the meantime monte will be continuing with the reforms. the quote of the morning was coming from the head of the italian bill group who said italy is not belgium, referring to bull gem's long period without a government. nevertheless, italy doing well this morning and interestingly enough, entertain is, as well. these are higher than internal and sterns targets and market completely shrugging it off. spanish debt even rallying. we're now that 4.5% market for italy. we've seen significant rallies continue here. the sense of liquidity, perhaps, boosting equities across the continent. equities said to be quite cheap relative to markets. if you wanted a fly in the ointment today, it would probably be what's happening over here with copper. down 0.4%. there's been a lot of discussion about whether this is a bellwether, whether this is a story about china flowing while the rest powers ahead. but you can see the fact that it's down now, 0.5% remains below